{"id":53603,"date":"2015-09-09T22:27:56","date_gmt":"2015-09-09T22:27:56","guid":{"rendered":"https:\/\/one.sightlinemg.com\/defensenews\/uncategorized\/2015\/09\/09\/defense-market-primed-for-m-a-activity\/"},"modified":"2026-08-07T23:51:20","modified_gmt":"2026-08-07T23:51:20","slug":"defense-market-primed-for-m-a-activity","status":"publish","type":"post","link":"https:\/\/one.sightlinemg.com\/defensenews\/industry\/2015\/09\/09\/defense-market-primed-for-m-a-activity\/","title":{"rendered":"Defense Market Primed for M&#038;A Activity"},"content":{"rendered":"\n<p class=\"wp-block-paragraph\">WASHINGTON\u00a0\u2014\u00a0While the defense industry is ripe for significant M&#038;A activity, a combination of complicating factors, including the appreciation of the US dollar, makes valuation difficult, a panel of analysts told the audience at the ComDef 2015 conference.<\/p>\n\n\n\n<p>Frank Finelli, the managing director of the Carlyle Group, said there exists a &#8220;tremendous capacity&#8221; for M&amp;A deals in the defense space. <span class=\"rte rte-comment\">as institutional investors look for<\/span><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">&#8220;There&#8217;s over $1 trillion of dry powder out there in the private equity industry,&#8221; he said. At the same time, the strength of the dollar \u2014 the euro stands at around $1.10 versus $1.40 18 months ago, and one dollar now buys over 70 rubles versus 38 over a similar period \u2014 means that US-made goods are relatively more expensive in foreign markets.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">&#8220;One of the areas that concerns me a little bit is the impact of the appreciation of the US dollar on price competitiveness of US companies in the international marketplace,&#8221; Finelli said. &#8220;The price of foreign goods has decreased a lot versus US goods.&#8221;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">At the same time, the strategy of many US businesses\u00a0involves foreign sales, said Grant Rogan, founder of Blenheim Capital Partners.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">&#8220;We&#8217;re also seeing a rise in emerging and developing markets of non-traditional players wanting to get into a traditional industrial base here in the United States,&#8221; he said. This poses a challenge for top tier US and European defense firms who want to reach those markets without diluting their share value by giving away proprietary technology to their would-be business partners.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Disruptor companies are also making their presence felt, noted Byron Callan, an analyst with Capital Alpha Partners. He pointed to yesterday&#8217;s news, first reported by Reuters, that Aerojet Rocketdyne wants to acquire United Launch Alliance as an indication that while non-traditional firms won&#8217;t necessarily start acquiring legacy defense contractors, they have changed the competitive landscape.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">&#8220;That probably wouldn&#8217;t have happened if SpaceEx hadn&#8217;t come in and disrupted that market,&#8221; Callan said of the Aerojet Rocketdyne offer for the rocket launch services firm.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Another unknown is if \u2014\u00a0or more likely when \u2014 the Fed will change interest rates.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Many defense firms have been using cash dividends and share buybacks to keep investors happy, based on the logic that a small dividend yield is a relatively attractive use of cash, Callan said. As interest rates rise, this strategy becomes less viable, and this may spur increased M&#038;A activity, he said.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">&#8220;Rising rates may get people re-focused back on deal making,&#8221; he said.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Email:\u00a0<a href=\"mailto:aclevenger@defensenews.com\">aclevenger@defensenews.com<\/a><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Twitter:\u00a0<a href=\"https:\/\/twitter.com\/@andclev\">@andclev<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>While the defense industry is ripe for significant M&#038;A activity, complicating factors make valuation difficult<\/p>\n","protected":false},"author":7,"featured_media":114200,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_yoast_wpseo_meta-robots-noindex":"","_yoast_wpseo_meta-robots-nofollow":"","_yoast_wpseo_canonical":"","_acf":"","_yoast_wpseo_primary_category":12,"_jetpack_feature_clip_id":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","_smg_distribution_targets":[]},"categories":[33,12,19],"tags":[],"coauthors":[2119],"class_list":["post-53603","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-home","category-industry","category-pentagon"],"acf":{"subheadline":"","legacy_arc_id":"2F6XPKQY7VFI7PECJTVDZZAGXQ","arc_canonical_url":"\/industry\/2015\/09\/09\/defense-market-primed-for-m-a-activity\/","remove_feature_photo":false,"is_sponsored":false,"subtype":"","redirect_url":"","disable_inline_ads":false,"native_logo_pretext":"Presented By:"},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v26.0 (Yoast SEO v28.1) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Defense Market Primed for M&amp;A Activity - Defense News<\/title>\n<meta name=\"description\" content=\"While the defense industry is ripe for significant M&amp;A activity, complicating factors make valuation difficult\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/one.sightlinemg.com\/defensenews\/industry\/2015\/09\/09\/defense-market-primed-for-m-a-activity\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Defense Market Primed for M&amp;A Activity\" \/>\n<meta property=\"og:description\" content=\"While the defense industry is ripe for significant M&amp;A activity, complicating factors make 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